Baltic index gains for 5th session on higher capesize, panamax rates

ships

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a fifth straight session on Tuesday to its highest in more than a year on higher rates across larger vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 26 points, or 1.3%, at 2,097 points, a peak since late September 2019.

The capesize index gained 73 points, or 1.8%, to 4,208 points, recording its highest level since July 3.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $603 at $34,896.

The capesize index has gained in the recent days owing to higher iron ore demand from China, after the world’s top steel-making country reopened following months of lockdown.

The panamax index was up 11 points, or 0.8%, at 1,394 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $106 to $12,549.

Among smaller vessels, the supramax index fell 3 points to 985 points, while the handysize index was up 2 points at 594.

Source: Reuters

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